Exploration Update: West Kytlim

RNS Number : 9059N

Eurasia Mining PLC

08 September 2011

 



Eurasia Mining plc

("Eurasia" or the "Company")

Exploration Update: West Kytlim

The Company is pleased to announce further progress at Eurasia's West Kytlim alluvial platinum project. Further to the announcement of 16 June 2011, the Company has now received confirmation that the Urals Branch of the Federal Agency for Natural Resources has approved two further areas of additional reserves of C2 classification as defined by the Russian Standard within the Tylai-Kosvinsky (the "TK") Placer. This addition increases the approved C2 reserves at west Kytlim by 81%.

The approval of these new Russian Standard reserve areas is confirmation of the extent of the Tylai-Kosvinsky Placer beyond Bolshaya Sosnovka Creek, (TK Placer area 1), Eurasia's existing mining licence application at West Kytlim. One new reserve area is adjacent to Bolshaya Sosnovka Creek (TK Placer area 3); the second is located approximately 7 kilometres to the southwest (TK Placer area 4).

The Eurasia resource estimate for TK Placer areas 3 and 4 under C2 Reserve Classification of the Russian Standard totals 612 kgs of contained platinum. The exploration program from which this resource estimate is derived is detailed in the announcement of 16 June 2010 and a further update to this information will follow shortly.

These new reserves areas are being submitted for registration of discovery certificates, the final step prior to applying for a production licence.

Meanwhile, as also announced on 16 June 2011, the Company still awaits approval for its first production licence. As a result of this delay, it may be possible to combine the two new areas into one revised application. Such a possibility is dependent on the relevant authorities involved in the approval process. Multiple approved reserve areas will permit expanding annual production levels within the eventual mining operation at West Kytlim.

Finally, the Company anticipates announcing its interim results for the period ended 30 June 2011 on the 9 September 2011.

Consent for release

Christian Schaffalitzky, FIMMM, PGeo, CEng, is a director of the Company. He has reviewed the update and consents to the inclusion of the exploration information in the form and context in which it appears here. He is a Competent Person for the purposes of the reporting of these results.

For more information please contact:

Eurasia Mining
Christian Schaffalitzky / Michael de Villiers	Tel: [phone]
Katy Mitchell, WH Ireland Limited	Tel: [phone]

 

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